Guideline Value for Lake Area 6th Cross Street

Lake Area 6th Cross Street guideline value

The current guideline value of Lake Area 6th Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Lake Area 6th Cross Street has changed

Over the years, the guideline value of Lake Area 6th Cross Street has seen several revisions. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012. However, it then dropped to Rs 5,360 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 8,000 per sq.ft, and the most recent revision in 2024 set it at Rs 8,800 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a notable increase of 49%, followed by a 10% rise from 2023 to 2024. The value saw a significant drop of 33% from 2012 to 2017, and from 2007 to 2012, it increased by 167%. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the 2024 figure for Lake Area 6th Cross Street.

• Lake Area 5th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 7th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area Main Road: Rs 9,300 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 2nd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lake Area 6th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees together to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lake Area 6th Cross Street?

The Sub Registrar Office that covers Lake Area 6th Cross Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Nungambakkam

The guideline value is a crucial factor when buying or selling property in Nungambakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these charges are appropriately assessed according to the property's value.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Lake Area 6th Cross Street?

The current guideline value of Lake Area 6th Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, increasing from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, with notable fluctuations in between.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles registrations for Lake Area 6th Cross Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Lake Area 6th Cross Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Lake Area 6th Cross Street?

The land classification for Lake Area 6th Cross Street is Residential Special Type - II.